You don’t raise money because you’re short on capital. You raise when you’re in a position of power and capital is cheap.

Latest filing, as of end of March 2026, shows $126.8B in total cash, cash equivalents, and marketable securities:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001652044/0...

I guess they don't want to burn it down to $40B?

These companies have pivoted from being cash generation machines to being data center building companies. It’s a huge bet that might pay off but the market is starting to notice that where there used to be revenue generation there is now infrastructure spend.

Preparing for acquisitions?

I could have paid cash for my car, but that would have been a bad move. I wouldn’t have had any liquid assets left over for getting me through a rainy day. The interest I paid on the loan was an acceptable price for reducing my overall risk exposure.

Even if Alphabet has $80B sitting in the bank, they could quite reasonably arrive at a comparable decision.

Nobody has the capital to casually invest 200B PER YEAR, in cash, for multiple years.

Literally nobody.

The market wants to put money into AI.

The market thinks Alphabet is most able to efficiently turn $80B into more money by investing in AI infrastructure.

So, Alphabet is happy to oblige them, given the favorable terms.

Are we watching the same AI capex spending choices over the last 1-2 years?

Every company from megacorps to small fish are spending well in excess of profits on these capex expansions. No ROI timelines yet established....